Global markets weigh heavily on equity funds

The HedgeNews Africa South African Single-Manager Composite dipped a median 0.84% in May to sit 3.98% higher year to date, while global markets were battered as a global risk-off move weighed on equities.

The broader HedgeNews Africa Single-Manager Composite, which includes Africa-focused portfolios, declined a median 1.25% to sit 3.78% higher year to date.

Fixed income was the top-performing strategy for the month, gaining a median 0.42% to sit 3.28% higher year to date.

Long/short equity funds had a difficult month, yet the category limited index losses. The HedgeNews Africa Long/Short Equity Index declined a median 2% to sit 6.59% higher year to date.

Market-neutral and quantitative funds fared only slightly better than their long/short peers, dipping a median 0.52% to sit 3.73% higher year to date, while multi-stratrgy funds declined by a median 0.55% to sit 4.79% in the green year to date.

Africa-focused equity funds ended the month in the red, following general weakness across most African markets. The HedgeNews Africa Pan-Africa/AME Index declined a median 3.67% to sit 1.24% higher year to date. Copyright. HedgeNews Africa – June 2019

  Median Mean
South African Medians May-19 YTD May-19 YTD
Long/Short Equity -2.00% 6.59% -1.91% 6.06%
Market Neutral & Quantitative Strategies -0.52% 3.73% -0.61% 3.89%
Single Manager Multi-Strategy -0.55% 4.79% -1.21% 4.66%
Fixed Income 0.42% 3.28% -0.02% 2.87%
Event Driven (credit) 0.73% 3.83% 0.73% 3.83%
African Medians        
Pan-Africa / AME -3.67% 1.24% -3.81% 1.13%
SA Single-Manager Composite -0.84% 3.98% -1.11% 4.79%
HedgeNews Africa Single-Manager Composite -1.25% 3.78% -1.53% 4.14%